Property

The Chairman of the Hai Phong City People’s Committee has requested the urgent implementation of a project to strengthen land management and build a land database throughout the city, with completion before 2025.

The Ministry of Construction has commented on planning to expand the Yen My II Industrial Park in northern Hung Yen province on an area of more than 313 ha. The master plan must ensure land is available for the development of housing, service facilities, and public utilities for employees working at the IP.

According to the Vietnam Association of Realtors (VARS), the country’s real estate market is slowing down and any “land fever” has dissipated. House prices are forecast to remain under upwards pressure, however, as inflation, high demand, and low supply significantly push up costs.

According to the State Bank of Vietnam (SBV), as of May 31, outstanding credit for real estate stood at VND2.33 quadrillion ($99 billion), an increase of 12.31 per cent compared to the end of last year. Most credit went to owner-occupiers.

According to Ho Chi Minh City People’s Committee Chairman Phan Van Mai, the city believes that houses and land that are suitable should be auctioned to generate revenue. The city’s Department of Natural Resources and Environment and Department of Construction are working together on a review of houses and land to be auctioned.

The Binh Dinh Provincial People’s Committee has issued a Directive on strengthening tax management of the real estate business. Information on real estate transactions will be published on the south-central province’s Electronic Communications Portal to easily monitor, manage, and prevent violations.